Wawa NNN Properties for Sale in Florida
Wawa is the premium convenience store chain in Florida and the Mid-Atlantic, with ~1,100 stores expanding aggressively into Florida. Wawa NNN deals are among the most coveted net lease assets due to the company's strong financial performance, 20-year lease commitments, and premium pad site locations with large fuel canopies and robust food service operations.
Typical Cap Rate
4.75% - 5.50%
Lease Term
20 years
Price Range
$4M - $10M+
Building Size
2,800 - 6,300 SF
Lot Size
2.00 - 2.50 acres
Credit Rating
Private (very strong)
Investment Highlights
- Premium convenience store brand with strong Florida expansion
- 20-year initial lease terms
- Absolute NNN lease structure
- Large 2+ acre pad sites at major intersections
- Strong food service + fuel revenue diversification
- Private company with excellent financial performance
Lease Structure
Wawa leases are typically 20-year absolute NNN with 4-6 five-year renewal options and 7.5-10% rent bumps every 5 years. Corporate guarantee from Wawa, Inc.
Wawa Tenant Profile
Wawa, Inc. is a private family/employee-owned company based in Pennsylvania with ~1,100 stores across 8 states. Known for premium food service, fuel, and convenience. Aggressive Florida expansion with dozens of new stores annually. Credit is private but treated as very strong.
Wawa in Florida
Wawa has 200+ Florida locations and continues aggressive expansion. Premier pad sites in growth corridors trade at 4.75-5.25% cap rates. Newly opened stores with 20 years remaining trade at the tightest end.
Why Buy Wawa
- +Best-in-class convenience store brand in Florida
- +Long-term lease commitments on prime pad sites
- +Strong operating model (food + fuel + convenience)
- +Tight cap rates reflect premium brand positioning
- +Aggressive Florida expansion creates new inventory
Considerations
- •Tight cap rates limit current yield
- •Environmental diligence critical on fuel properties
- •Private company means less public financial data
- •Large lot sizes concentrate land basis
Related Convenience Store Tenants
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